MARA and CleanSpark Post $851 Million in Combined Quarterly Losses

MARA Holdings and CleanSpark reported sharp quarterly losses as weaker Bitcoin prices and non-cash fair-value markdowns hurt results. MARA posted a $611.3 million net loss and CleanSpark a $239.8 million loss, bringing combined losses to $851.1 million. Revenue also fell materially at both miners, with MARA down 27% to $174.9 million and CleanSpark down 30.5% to $138 million. The article highlights that roughly $459 million of the combined losses came from Bitcoin fair-value declines. Despite the weak mining economics, both companies continue shifting toward AI and data-center leasing, with CleanSpark announcing a 20-year, $6.6 billion lease and MARA emphasizing its 19 data centers and 2 GW Texas site. Shares of both miners fell in regular trading before trimming losses after hours, underscoring investor concern over the sector’s dependence on Bitcoin price levels and the uncertain payoff from the AI pivot.